First up is a team at Sullivan & Cromwell led by Brian Glueckstein that won approval for the Chapter 11 reorganization plan of cryptocurrency platform FTX Trading Ltd. After a five-hour evidentiary hearing, U.S. Bankruptcy Judge John Dorsey in Delaware this week signed off on the plan to use as much as $16.5 billion recovered since the exchange’s collapse to pay customers at least 118% of the value in their accounts as of the November 2022 bankruptcy filing. The judge called this a “model case for how to deal with a very complex Chapter 11 bankruptcy proceeding.” The Sullivan & Cromwell team included restructuring partners Andy Dietderich, Jim Bromley, Alexa Kranzley and the largest group ever assembled at the firm to handle a single matter.

A team at MoloLamken secured a win for Brighton Marine Inc. in an adversary proceeding in the bankruptcy case of Steward Health Care System. Brighton Marine, a Boston-area nonprofit that provides services to veterans and military families, had a nine-digit contract with Steward to administer its U.S. Family Health Plan. After a 10-hour evidentiary hearing last month, U.S. Bankruptcy Judge Christopher Lopez in Houston found that Brighton Marine’s termination of its contract with Steward—which had been noticed before Steward’s bankruptcy date, but with an effective date after the bankruptcy petition was filed—was valid and enforceable. The MoloLamken team included partners Eric Nitz, Jennifer Schubert and Justin Shur, as well as associates Jackson Myers, Walter Hawes and Catherine Martinez.